TORONTO, ONTARIO--(Marketwire - Feb. 24,
2010) - Strategic Resource Acquisition Corporation ("SRA") (TSX
VENTURE:SRZ.H) is pleased to announce that its bid to acquire Redcorp Ventures
Ltd. ("Redcorp") Portugal subsidiary Redcorp Empreendimentos Mineiros
Unipessoal, Lda, ("REM") pursuant to an asset sale process managed by the
Trustee in bankruptcy of Redcorp, has been accepted and the transaction to
acquire the shares of REM is being reviewed in accordance with Portuguese
requirements. The acquisition is subject to a number of conditions, which may
include approval by the Supreme Court of BC. Once the final purchase terms are
completed, including restructuring intercompany debt in REM, a follow up press
release announcing the final deal structure will be issued.

The assets of the Acquisition include two
exploration projects in Portugal covering gold prospects at the Vila de Rei
concession and polymetallic massive sulphide mineralization at the 208 km2
Lagoa Salgada Concession. The Lagoa Salgada concession covers a
partially defined massive sulphide deposit which was subject of a 43-101
compliant resource estimate prepared by Wardrop Engineering Inc. for Redcorp. Redcorp disclosed the estimate on August 21, 2007 and filed the technical
report on SEDAR on October 1, 2007. The technical report estimated an
inferred resource totalling 2,017,000 tonnes grading 0.35% copper, 4.83% lead,
5.13% zinc, 1.29 g/t gold and 85.35 g/t silver. The deposit remains open to
expansion. In addition, Redcorp discovered a second polymetallic mineralized
horizon on the Lagoa Salgada concession, at Rio de Moinhos, approximately 11 km
southeast of the Lagoa Salgada deposit. Intercepts at Rio de Moinhos are
interpreted to be lateral fringe mineralization of a separate massive sulphide
zone.

The Lagoa Salgada property is located at
the northwest extension of the Iberian Pyrite belt, which hosts numerous past
and current producing mines in both Spain and Portugal. Lagoa Salgada is
located approximately 60 km northwest of the large Aljustrel mining complex and
80 km northwest of the producing Neves-Corvo mine of Lundin Mining. The major
connecting highway to the Algarve and rail line for transporting mine
concentrates pass adjacent to the Lagoa Salgada project.

Gold mineralization at the Vila de Rei property
in central Portugal occurs in persistent quartz vein systems up to 15m in width
and in breccia zones associated with late granitic intrusives. The concession
covers sites of Roman-era placer gold mining operations.

SRA is a
Toronto-based mineral development company, focused on acquisition and
development of base and precious metal properties in Canada and in low-risk
foreign locations.

The Qualified Person
for SRA, as defined by National Instrument 43-101, is Terence Chandler, P.Geo,
Executive Vice President, with more than 35 years experience in the minerals
industry.

Victor Wyprysky
President and Chief Executive Officer

This news
release contains "forward-looking information" which may include, but is not
limited to, statements with respect to the future financial or operating
performance of the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words such as
"plans", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations (including
negative variations) of such words and phrases, or state that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements contained herein are
made as of the date of this press release and the Company disclaims any
obligation to update any forward-looking statements, whether as a result of new
information, future events or results or otherwise. There can be no assurance
that forward-looking statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update forward-looking
statements if circumstances, management's estimates or opinions should change,
except as required by securities legislation. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking statements.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."